Ukraine plans to legalize cryptocurrencies

Monday 29 October 2018 00:22 CET | News

The government of Ukraine has announced the plans to legalize cryptocurrencies within three years and create clear conditions for cryptocurrency-related businesses in the country.

In 2020-2021, Ukraine is set to legally recognize cryptocurrency wallet service providers and custodial platforms. The use of cryptocurrencies will then be regulated. With its new regulatory concept, the government claims, it will be able to “protect the rights of consumers” in the space.

Market participants will have the opportunity to use banking services, to officially attract foreign investments, to conduct ICO / ITO as Ukrainian companies, to conclude smart contracts and to carry out barter transactions for the exchange of goods (services) into virtual currencies.

As a result, the state will be able to both attract high-paying jobs, and ‘increase revenues’ thanks to the cryptocurrency space while stimulating the development of a digital economy in the country.

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Keywords: Ukraine, cryptocurrencies, crypto wallet
Countries: World